Emergencies are unpredictable and can happen to anyone at any time, such as unexpected hospitalization of a loved one, sudden school expenses, job loss, or necessary repairs after a natural disaster. Having an emergency fund is ideal in these situations, but not everyone has one. When your emergency fund is insufficient, a fast cash loan may be the only viable option.Need Cash? No Problem! Here are 11 Fast Cash Loans to Check Out
If you’re in need of a quick loan, don’t fret! We have created a comprehensive guide on the basics of fast cash loans in the Philippines, as well as a list of the best options to consider.
What are Fast Cash Loans?
Fast cash loans are loans that provide quick approval, typically within 10 minutes to a few days. These loans can be in the form of salary loans or personal loans and are offered by various lenders in the Philippines, ranging from local cooperatives to large commercial banks.
Since these loans are processed quickly, borrowers can access funds immediately, making them a great option for financial emergencies.
Are Online Loans Legal in the Philippines?
You might be curious about whether fast cash loans are trustworthy. The answer to this depends on the lender you choose. Dishonest lenders, sometimes called loan sharks, often charge exorbitant interest rates. If you go down this route, you could find yourself in a tricky situation, as the high interest charges, in addition to the principal loan amount, may leave you short on funds.
However, if you opt to work with a well-established bank or lending/financing company, you can rest assured that their fast cash loan product is legitimate.
How Do Fast Cash Loan Applications Work?
To expedite the approval of a quick cash loan, the lender may use a simplified procedure, as follows:
- The borrower completes a registration form at the lender’s office, on the lender’s website, or through a fast cash loan app in the Philippines.
- The borrower provides the necessary loan requirements. If applying online, the borrower must upload scanned or photographed copies of the required documents.
- If the application is approved, the loan amount may be provided immediately. Otherwise, the borrower must wait one to three days for the loan to be disbursed. If the loan amount is significant, the validation process may take longer.
- The borrower may choose to receive the cash at the lender’s office or have it deposited into a nominated bank account.
Note that while the lending process is fast, it may differ from one organization to the next. Therefore, it is recommended to verify with the potential lender.
Repayment will be based on the loan agreement or type of loan. For example, if the borrower applied for fast cash loans with monthly payments, payment must be made on a specific day of the month until the loan is fully paid off. If the borrower applied for a salary loan, the borrowed amount must be returned on the next payday.
Where Can I Get Legit Quick Cash Loans in the Philippines?
To ensure your safety, it is advisable to transact only with trustworthy banks or lending firms. Here are a few legitimate providers of quick cash in the Philippines that you might want to consider including in your options:
📌 Citibank Personal Loan
One way to rephrase the given statement in English language could be: “The Citi Personal Loan is frequently regarded as one of the top options available. This loan can be applied for quickly online and provides a substantial amount of money, along with adaptable repayment conditions and a reasonable interest rate.”
- Loan amount: Up to ₱2 million
- Monthly add-on rate: 1.29%
- Approval time: As fast as 24 hours
- Payment terms: Up to five years
- Features: No collateral needed; ideal for starting a business, buying or renovating a home, funding vacations, and other major milestones you want to achieve
Note: This product is sold by Union Bank of the Philippines, using certain trademarks temporarily under license from Citigroup Inc. and related group entities.
💸 Fund Your Goals with a Citi Personal Loan
Fulfill your financial objectives, whether it’s launching a new business, going on a vacation, improving your home, buying a car, or paying for tuition, by taking out a personal loan from Citibank.
You can borrow up to ₱2 million at a low interest rate and have up to five years to repay the loan. If you apply for a Citi Personal Loan through Moneymax before April 30, 2023, and subsequently get approved, you’ll receive rewards worth up to ₱10,990! Please refer to the promotional terms and conditions for details.
Note: This product is offered by Union Bank of the Philippines, which holds temporary license rights to certain trademarks owned by Citigroup Inc. and related entities
📌 EasyRFC Multi-Purpose Loan
If you are facing a small financial problem that does not require a large sum of money, the EasyRFC Multi-Purpose Loan offered by Radiowealth Finance Corporation may be a suitable cash loan option for you. This quick cash loan, which is available online in the Philippines, can also be helpful in urgent situations.
- Loan amount: ₱10,000 to ₱150,000
- Interest rate: Varies on the amount borrowed and the repayment period
- Approval time: As fast as 24 hours
- Payment terms: Up to 18 month
- Loan amount: ₱1,000 to ₱25,000
- Interest rate: Flat daily fee as low as 0.5%
- Approval time: A few minutes
- Payment terms: Up to 61 days
- Features: Apply for a loan anytime, anywhere (24/7); no collateral needed; ideal for immediate cash needs, such as groceries and tuition